American Medical Association Approves New CPT Codes for Envoy Medical’s Esteem® Device
On October 22, 2024, Envoy Medical, Inc. (NASDAQ: COCH), a leader in fully implanted hearing devices, announced that the American Medical Association (AMA) has approved five new Category III Current Procedural Terminology (CPT) codes for totally implantable active middle ear implants (AMEI), including the Esteem® device. This marks a significant step for Envoy Medical, as these new CPT codes are crucial for insurance reimbursement and broader market adoption of the Esteem® product.
This is a highly significant development for Ear & Hearing | Center for Neurosciences as Dr. Jacob is the ONLY active Envoy Esteem Surgeon in the Southwest United States and the team of audiologists at CNS are specifically trained to manage the programming needs of this revolutionary technology.
Significance of CPT Codes
CPT codes are essential for healthcare professionals and insurers to track, identify, and pay for medical services. Previously, the lack of specific CPT codes hindered reimbursement and limited the reach of the Esteem® device. With the approval of these codes, Envoy Medical aims to expand access to their FDA-approved, fully implanted hearing solution, which offers 24/7 hearing capability without any external components.
The Esteem® Device
The Esteem® fully implanted active middle ear implant is the only FDA-approved device of its kind for individuals with moderate to severe sensorineural hearing loss. Unlike traditional hearing aids, the Esteem® is invisible, requires no daily maintenance, and offers continuous hearing by leveraging the ear’s natural anatomy.
Future Opportunities
Envoy Medical plans to capitalize on the newly approved CPT codes by enhancing its Esteem® product and continuing to innovate in the field of fully implanted hearing devices. The new codes will be available on the AMA website by January 2025, with implementation set for July 2025.
About Envoy Medical
Envoy Medical is also developing the Acclaim® Cochlear Implant, which leverages natural ear anatomy instead of a microphone to capture sound, aiming to provide a revolutionary solution for those with severe to profound hearing loss.
This development strengthens Envoy Medical’s position in the hearing healthcare market and marks a pivotal moment in providing better access to life-changing technology for individuals with hearing loss.